Health Insurance Advice and Recommedations

[hgllgh]

I am getting a health checkup in the near future.
I have been contracting for years and have always put off health or medical insurance but the checkup got me thinking... say they find something wrong that means I need to take time off my contract, and I took the health insurance out just before the check up, is there stuff like clauses saying you must have had the insurance going for a certain length of time or something similar? How would they work out a daily compensation rate to pay? I am guessing something like pro-rata based on the previous years average daily rate?

Also, any recommendations? ... Seems like one of these insurances that a lot of contractors ignore.

[pr1]

How would they work out a daily compensation rate to pay? I am guessing something like pro-rata based on the previous years average daily rate?

you tell them how much you want to be covered for and they tell you the price

[hgllgh]

you tell them how much you want to be covered for and they tell you the price

but it would be wise to take the insurance out before my checkup...just in case...if i took out insurance after the checkup knowing something was wrong then I am guessing it wouldn't apply?

[sal]

Someone correct me if I'm wrong here but isn't health insurance to cover medical treatment expenses, not loss of income? What OP is asking for is income protection insurance which has been discussed here before and deemed inadequate for contractors.

[hgllgh]

Someone correct me if I'm wrong here but isn't health insurance to cover medical treatment expenses, not loss of income? What OP is asking for is income protection insurance which has been discussed here before and deemed inadequate for contractors.

i should have been more explicit...but i meant for both types of insurance ... but the main question being i would need to take out insurance before getting the checkup to get some kind of payout at all?

[northernladuk]

i should have been more explicit...but i meant for both types of insurance ... but the main question being i would need to take out insurance before getting the checkup to get some kind of payout at all?

You've got to be kidding right? You expect to go for a check up, find something is wrong and the take out insurance expecting them to pay out? Seriously?

There is a cooling down period where you cant claim certain things for a minimum period after taking out a policy as well as a pretty existing conditions clause so I'd suggest you get the t&cs and read them carefully.

I hope you've taken out your car insurance before you've had an accident.

[SueEllen]

I

Also, any recommendations? ... Seems like one of these insurances that a lot of contractors ignore.

If you search around the main part of this website you there is a link for private health care.

If you want income protection which gives you money when you can't work while you can take it out online the majority of the policies on offer don't cover us. There are however some that are aimed at us. The more established ones are aimed at medical staff e.g. doctors, dentists but will cover us.

[Jessica@WhiteFieldTax]

With income protection it's worth thinking outside of the box:

~ how long can you self insure for - a deferral makes the premium cheaper
~ think about a time limited policy, say two years, with a higher payout, to maintain current lifestyle
~ maybe a lower payout policy running on till retirement age which would cover you if you couldn't work after, say, two years and you decided to restructure / down shift life to match, eg smaller house, less expensive car.

[stek]

The only true insurance is a huge warchest and a lot of kids that will feel guilty enough to look after you when you go senile/infirm.

NHS will help, but forget insurance/pensions, the Gov and business greed will take those.....

[hgllgh]

The only true insurance is a huge warchest and a lot of kids that will feel guilty enough to look after you when you go senile/infirm.

NHS will help, but forget insurance/pensions, the Gov and business greed will take those.....

radical! ... but i like it ... need to get my skates on with those kids

however i think as a contractor your money is better off in a pension after paying as employer pension cobntribution as it isn't doing anything for you in a warchest ... and limits corp tax ... that's a no brainer surely...